A MARKET SURVEY REPORT ON

AVAILABILITY AND CUSTOMER PREFERENCES TOWARDS VARIOUS ULIP PLANS: SBI LIFE INSURANCE VS. ICICI PRUDENTIAL LIFE INSURANCE

Submitted in partial fulfillment of the requirement For the award of degree of

BACHELOR OF BUSINESS ADMINISTRATION SESSION (2013-2014)
SUBMITTED TO: Mr. Himanshu Gupta Asst. Professor SUBMITTED BY:Lovely Vatsel BBA 5th Semester Roll No. 11022051

IFTM UNIVERSITY, MORADABAD

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AVAILABILITY AND CUSTOMER PREFERENCES TOWARDS VARIOUS ULIP PLANS : SBI LIFE INSURANCE VS. ICICI PRUDENTIAL LIFE INSURANCE

by Lovely Vatsel BBA V SEMESTER

SUBMITTED TO SCHOOL OF BUSINESS MANAGEMENT IN THE PARTIAL FULFILMENT OF THE REQUIREMNT FOR THE DEGRE OF BACHELOR OF BUSINESS ADMINISTRATION AT THE I.F.T.M. UNIVERSITY Sep. 2013

The author grants to I.F.T.M. University permission to reproduce and to distribute publicity paper and electronic copies of the project report in whole or in part

Signature of student School of Business Management Sep. 2013

Certified By Mr. Himanshu Gupta Project guide

Accepted By Dr. (Mrs.)Manjula Jain Director , School of Business Management 2|Page

ACKNOWLEDGEMENT

I would like to express my gratitude to Mr. Himanshu Gupta (Project Guide), who has been provided me with guidance, inspiration, perspective and stimulating discussion, throughout the writing of this report. His constant review and excellent suggestions throughout the project are highly commendable. A study like this can not be completed without help from other persons. My heartfelt thanks go to all the executives who helped me gain knowledge about the actual working and the processes involved in various departments. I would also like to give heart full gratitude to Dr. (Mrs.) Manjula Jain (Director, Deptt. of Management Studies) who gave me the opportunity to complete this project report. I would also like to thank my friends who supported me in collecting my matter related to my project report and resources which are being provided by college.

Lovely Vatsel BBA V Sem

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TABLE OF CONTENTS
S. No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Chapter Name Introduction Objectives of the study Scope & Importance Research Methodology Result and detailed Analysis Conclusion Limitations Suggestions Future Aspects Bibliography Annexure Questionnaire 77 78 74 58 Page No. 2 44

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INTRODUCTION
This market survey report is based on the survey, which has been done in the Moradabad city. The main objective of the survey is to find out and to analyze the customer preferences towards various Ulip plans of SBI Life Insurance vs. ICICI Prudential Life Insurance. The data used for the analysis is primary data and collected through the use of questionnaire. The respondents were the customer of life insurance. The sample size of my research is 50, and the respondents are customers, a questionnaire consisting of 15 questions has been used to make this market survey report. The data have been tabulated and shown in the form of a pie chart. Then it is interpreted and analyzed and further the conclusion of the study is drawn. And I will also ask some questions to customers through which I am avail to conduct this market survey report. I believe that this market survey report will help to the reader for better understanding of the attitude of the customer.

CUSTOMER PERCEPTION Customer perception is defined as the way that customers usually view or feel about certain services and products. It can also be related to customer satisfaction which is the expectation of the customer towards the products. A marketing concept that encompasses a customer's impression, awareness and/or consciousness about a company or its offerings. Customer perception is typically affected by advertising, reviews, public relations, social media, personal experiences and other channels. Applications for our Customer Perception analysis

Business performance improvement activities Sales force effectiveness programmes Strategic re-positioning 5|Page

Exploring current and new market needs and opportunities Strategic change programmes M&A activity post merger Developing customer-centric capability models

About the process 1. Business Analysis and programme planning 2. Managed communication with customers and suppliers 4. Dynamic interviews with key customers and critical relationships (and e-survey/ focus group options) 5. Reporting, conclusion and analysis 6. Presentation of strategic recommendations 7. Defining action plan 8. Follow-up and review

ABOUT INSURANCE Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event. According to Patterson Insurance is an agreement between two parties under which one party undertakes specified future risk of another party and compensates the loss from that risk on payment of some consideration known as premium payable by the later. 6|Page

Insurance may be described as a social device to reduce or eliminate risk of life and property, under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. With the help pf insurance, large number of people exposed to a similar risk makes contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good. Insurance is a tool by which losses of a small number are compensated out of funds collected from plenteous. Gradually as competition increased benefits given by industry to its customers increased by leaps and bounds. Insurance is a basic form of risk management which provides protection against possible loss to life or physical assets. Person who seeks protection against such loss is termed as insured, and company promises to honor claim, in case such loss is actually incurred by insured, is termed as Insurer. In order to get insurance, insured is required to pay to insurance company a certain amount called premium. Premium is collected by insurance companies which acts as trustee to poll created through contributions made by persons seeking to protect themselves from common risk. Any loss to the insured in case of happening of uncertain events is paid out of this poll.

INSURANCE PROVIDES: Protection to investors. Accumulation of savings. Channeling these savings into sectors needing huge long term investment.

FUNCTIONS OF INSURANCE: 7|Page

 PROVIDE PROTECTION: The primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others. COLLECTIVE BEARING OF RISK: Insurance is an instrument to share the financial loss of few among many others. Insurance is mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk paid. MEASUREMENT OF RISK: Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is a basis for determining the premium rates also. PROVIDE CERTAINTY: Insurance is a device, which helps to change from uncertainty to certainty. Insurance is a device whereby the uncertain risks may be made more certain. SMALL CAPITAL TO COVER LARGER RISKS: Insurance relieves the businessman from security investments, by paying small amount of premium against larger risks and uncertainty. CONTRIBUTES TOWARDS THE DEVELOPMENT OF INDUSTRIES: Insurance provides development opportunity to those larger industries having more risks in their setting up. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery. MEANS OF SAVINGS AND INVESTMENT: Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insureds. for the purpose of availing income tax exemptions also, people invest in insurance. SOURCE OF EARNING FOREIGN EXCHANGE: Insurance is an international business. The country can earn foreign exchange by way of issue of marine insurance policies and various ways. 8|Page

 RISK FREE TRADE: Insurance promotes exports insurance, which makes the foreign trade free with the help of different types of policies under marine insurance cover. IMPORTANCE OF THE LIFE INSURANCE: PROTECTION AGAINST UNTIMELY DEATH: - Life insurance provides protection to the dependents of the life insured and the family of the assured in case of his untimely death. The dependents or family members get a fixed sum of money in case of death of the assured. SAVING FOR OLD AGE: - After retirement the earning capacity of a person reduces. Life insurance enables a person to enjoy peace of mind and a sense of security in his/her old age. PROMOTION OF SAVINGS: - Life insurance encourages people to save money compulsoBSLIy. When life policy is taken, the assured is to pay premiums regularly to keep the policy in force and he cannot get back the premiums only surrender value can be returned to him. In case of surrender of policy, the policyholder gets the surrendered value only after the expiry of duration of the policy. INITIATES INVESTMENTS: - Life insurance corporation encourages and mobilizes the public savings and channelizes the same in various investments for the economic development of the country. Life insurance is an important tool for the mobilization and investment of small savings. CREDIT WORTHINESS: - Life insurance policy can be used as a security to raise loans. It improves the credit worthiness of business. SOCIAL SECURITY: - Life insurance is important for the society as a whole also. Life insurance enables a person to provide for education and marriage of children and for construction of house. It helps a person to make financial base for future. TAX BENEFIT: - Under the income tax act, premium paid is allowed as a deduction from the total income under section 80C. 9|Page

STAGES IN POLICY INSUANCE: 1. PROPOSAL: A Proposal stage is the first stage before the policy is issued at COPS. At this stage, the application form is received by COPS, but it is pending for issuance due to further clarifications required from the customer. 2. LOGIN: A Proposal which is complete i.e., duly filled with all necessary documents attached to it and accepted by the branch cops is called a login. 3. REJECT: An Application gets rejected at the branch cops level due to necessary details not filled in the form or necessary documents not submitted is a Reject. It is then sent back to the advisor for completion. 4. ISSUANCE: Issuance means a policy that is issued to the customer central cops. 5. DECLINE STATUS: When a customer refuses to take a policy post login but before issuance is called a Decline. 6. CANCELLATION: When the Cheque given by the customer bounces, it amounts to the cancellation of the policy. 7. LAPSE: A Policy for which the customer fails to pay subsequent premiums is a lapsed policy. 8. FREE LOOK: Post issuance of the policy, the policyholder has the option to turn down the policy within 15 days from the date of issuance. This period of 15 days is called Free look period. 9. SURRENDER: When a customer wants to discontinue with the policy.

Top Ten Insurance Company

Below is a list of the Top 10 insurance companies in India and their contact details zone wise.

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Insurance Company LIC Life Insurance Corporation of India

Products and Services Insurance Policies Jeevan Anurag Unit Plans Samridhi Plus Pension Plus Special Plans Jeevan Madhur Jeevan Mangal Group Schemes

Contact Details East Zone: LIC of India,P&GS Unit Jeevan Prakash,Calcutta Metro DO-I 16 Chittaranjan Avenue Kolkata West Bengal 700072 033-23346688 West Zone: Jeevan Prakash GHB Complex, 2nd Floor,Opp.to Rupal Park, Behind Ankur Bus stop, Naranpura, Ahmedabad Gujarat 380013 North Zone: Jeevan Prakash Post Box No 102 25 Kasturba Gandhi Marg New Delhi DELHI 110001 011-23762681 079-25502150 South Zone: LIC Building 102 Anna Salai Post Box No 324 Chennai TAMIL NADU 600002 044-28612871 West Zone: A-32/B-32, 3rd Floor, Corporate house, Judges Bungalow Road, Above Hotel Honest, Off. S G Highway, SarkhejBodakdev, Ahmedabad - 380015 Gujarat South Zone: Plot No. 11, 1st & 2nd Floor, K.R. Buildings, Lattice Bridge Road, Above Pizza Corner, Adyar, Chennai - 600020 Tamilnadu 9840877766 North Zone: ICICI Prudential Life 11 | P a g e

ICICI Prudential Life Insurance Co Ltd

Education insurance plans Smartkid New Unit-Linked Regular Premium Smart Kid Regular Premium Savings (all ULIP) Life Time Super Premier Life Gold Life Time Plus Premium guarantee plans Invest Shield Cash Back protection plans (All Traditional plans) Life Guard Save 'n' Protect Home Assure Health care plans Crisis Cover Diabetes Care/ Diabetes Care Plus

Cancer Care

Insurance Co. Ltd., 1 DLF Centre, Ground Floor, Opp Park Hotel, Sansad Marg, Connaught Place, New Delhi - 110001. Delhi 9818177766 East Zone: Plot No. C-653, 2nd Floor, Epari Plaza, Janpath,Unit-III, Bhubaneshwar - 751001 600222020 East Zone: # 338, Calcutta Food Bazar, 2nd Floor, A Block, Lake Town, Kolkata, 700055 +91-33-32575382 North Zone: C-32, 1st Floor & 2nd Floor, Connaught Place, New Delhi - 110 002, 011 - 41490500

Bajaj Allianz Life Insurance Co Ltd

Insurance Policies iGain III Max Advantage Health care plans Star Package Personal Guard Silver Health Travel Insurance Student Elite Plan BBSLIliant Minds

SBI Life Insurance Co Ltd

Individual Plans SBI Life - Unit Plus Super SBI Life - Smart Wealth Assure Group Plans Group Micro Insurance Plans Group Loan Protection Products

West Zone: SBI life insurance company ltd, 1st floor akshar arcade opp memnagar fire station , memnagar , ahmedaba 380014 079 -66103333 North Zone: SBI life insurance company ltd, 116, hargovind enclave,opp karkardooma community centre 011-40758700 East Zone: SBI LIFE INSURANCE company ltd, jeevandeep building ground floor,1 middleton street 033-22882323 / 22 South Zone: SBI LIFE INSURANCE 12 | P a g e

company ltd, 2 nd floor, 96/04, south end road,basavangudi 080 26575460

Max Life Insurance Co Ltd

Protection Plans Max Life Insurance Money Multiplier Plan Reliance Special Term Plan Child Plan Reliance Child Plan Savings & Investment Plans Max Life Insurance Pay Five Plan Max Life Insurance Classic Plan - Limited Premium Max Life Insurance Highest NAV Advantage Plan Max Life Insurance Money Multiplier Plan North Zone: Level - II, C 4-5, Agrawal Cyber Plaza,Netaji Subhash Place,DelhiDelhi, 110092 011-32229807

West Zone: 201, Viva Complex, 42, Parimal Co-oprative Housing Society, Perimal Cross RoadAhmedabadGujarat,380009 079-30075191 South Zone: No.2940/E-5, GG Arcade,3rd floor, Service Road, West Of Chord, Opp Maruthi Mandir, Vijay Nagar,BangaloreKarnataka,560040 080-39826566 East Zone: 206, A.P.C, Bose Road, 2nd floor, Shyambazar (Opp-CESC Regional Office), Kolkata West Bengal,700004 033-30610530

HDFC Standard Life Insurance Co Ltd

Protection Plans HDFC Premium Guarantee Plan Savings and Investment Plans HDFC SL ProGrowth Flexi ClassicAssure Insurance Plan HDFC SL ProGrowth Maximiser

North Zone: HDFC SLIC, B-3/6,Ground Floor Asaf Ali Road, Delhi - 110002 011-43591300 South Zone: 2nd floor, Block 2 A, Esquire Centre, No. 9, M. G. road, Bangalore - 560 001 " 080-42791234 West Zone: HDFC Standard Life Insurance Co. Ltd.,2nd Floor, 'Shivalik Plaza', Opp Amam, IIM Road, Ahmedabad - 380 015 079 - 66101500 East Zone: 30SA/2, Block-B, New Alipore, Kolkata-700053 033-66125406 North Zone: 1St Floor, 13 | P a g e

Max Life Insurance Co Ltd

Health and Wellness

Solutions BSLI Saral Health Plan BSLI Bachat Money Retirement Solutions BSLI Dream Life Plan BSLI Immediate income Plan Rural Solutions Max Life Insurance Bima Dhan Sanchay Max Life Insurance Bima Kavach Yojana

Sco-14, Sector - Ii , Central Market, Punjabi Bagh, , New Delhi, Delhi 110026 Delhi 011-45062639 / 40 / 37 South Zone: Site No 70 , 2nd floor, Grace Towers,Above BMW Showroom, Old miller Road, Cunningham Road(Cr) Bangalore 560046 Karnataka 080 - 65398701 / 25 East Zone: 1St Floor, 110, Bose Pukur Para, , Kolkata- South, Kolkata 700042 West Bengal 033 66331915/16 West Zone: Pancharatna Upper Ground Floor, C. G. Road, Opp White House, Ahmedabad , Ahmedabad 380009 Gujarat 079-26409741 West Zone: 3rd Floor, Unit No.301 to 307, Aashth Mangal, Shahi Bagh, Near Rajasthan Hospital, Opposite Resham Bai Fertility Hospital, Ahmedabad-380004 Gujarat Tel: 079-40215433 North Zone: 2 & 3 rd Floor,C-6, Local Shopping Centre, Vasant Vihar, New Delhi, 110057 Delhi Tel: 011-46086900 South Zone: Vimal Chambers, No.70 & 70/1 4th Floor M.G.Road, Bangalore560001 Karnataka Tel: 080-66965700 East Zone: La Vida Mall, 2nd Floor, CK-III, Sector-II, Nr. Tank No. 9, Salt Lake City, Kolkata-700 091 Tel: 033-44079303 /04/05/01. 033-44079313-01 14 | P a g e

Max New York Life Insurance Co Ltd

Life Plans 20 year Endowment Max New York Life Platinum Protect Life Gain Plus 25 Growth Plans Max New York Life Flexi Fortune Max New York Life Shubh Invest Health Plans LifeLine MediCash Plus LifeLine Safety Net

Kotak Mahindra Old Mutual Protection Plans Kotak eternal Life Plans Life Insurance Ltd Saving and Investment Plans Kotak ace investment Plan Kotak surakshit Jeevan Child Plans Kotak headstart Child Assure

West Zone: Kotak Mahindra Old Mutual Life Insurance Ltd. Unit nos. 901 & 902, 9th floor, Wing A & B, Godrej Coliseum, Lokmanya Pan Bazar, Behind Evrard Nagar, Sion (E), Mumbai - 400 022 Tel : +91 22 6621 5999 East Zone: 190b Satin Sen Sarani Kankurgachi, Kolkata, West Bengal 700054 033 23648610 North Zone: Lower Ground Floor, 974/1 Dakha Plaza, Arya Samaj Road, Karol Bagh, New Delhi-110005, Beadonpura, Karol Bagh, New Delhi South Zone: RELCON PLAZA,FIRST FLOOR PATTOM, Kollam Road, Pattom Trivandrum, Kerala 695004 0471 6615600 North Zone: 2nd Floor, Prakashdeep Bldg., Tolstoy Marg,New Delhi Delhi I, Delhi 110001 Phone: 011-23462548 East Zone: 45 Bhupen Bose Avenue ,3rd flr, ShyambazarKolkata Kolkata 4, West Bengal 700004 Phone: 025304610 South Zone: Shubharam Complex 4th Floor,No 144 M G Road , Bangalore 560001 Bangalore, Karnataka Phone: 080 -25580777 West Zone: Mordern Centre, A Wing, 2nd Floor, Sane Guruji 15 | P a g e

Aviva Life Insurance Company India Ltd

Protection Plans Aviva LifeShield Platinum Aviva LifeShield Advantage Fund Management Rural Plans Aviva Anmol Suraksha Aviva Grameen Suraksha Savings Aviva Dhan Vriddhi Aviva LifeBond Advantage

Marg, Mahalaxmi (E), Mumbai -11 Mumbai I, Maharashtra Phone: 02266207777

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COMPANY PROFILE

74%

26%

SBI Life Insurance is a joint venture between the State Bank of India and Cardiff SA of France. SBI Life Insurance is registered with an authorized capital of Rs 1000 core and a paid up capital of Rs 350 carore. SBI owns 74% of the total capital and Cardiff the remaining 26%.

State Bank of India enjoys the largest banking franchise in India. Along with its 7 Associate Banks, SBI Group has the unrivalled strength of over 14,000 branches across the country, the largest in the world.

Cardif is a wholly owned subsidiary of BNP Paribas, which is The Euro Zones leading Bank. BNP is one of the oldest foreign banks with a presence in India dating back to 1860. It has 9 branches in the metros and other major towns in the country.

Cardif is a vibrant insurance company specializing in personal lines such as long-term savings, protection products and creditor insurance. Cardif has also been a pioneer in the art of selling insurance products through commercial banks in France and 29 more countries.

SBI Life Insurances mission is to emerge as the leading company offering a comprehensive range of Life Insurance and pension products at competitive prices, ensuring high standards of customer

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service and world class operating efficiency. The company plans to make the insurance buying process quick, simple and based on well-informed judgment.

In 2004, SBI Life Insurance became the first company amongst private insurance players to cover 30 lacks lives. The company expects to carve a niche in the Indian insurance market through extensive product innovation and aims to provide the highest standards of customer service through a technological interface. To facilitate this, call centers have been already installed and help lines will be installed and customers will have access to their accounts through the Internet or through SBI branches.

The company proposes to make available ready liquidity to its Life Insurance policies by way of loans at SBI counters. This will make Life Insurance a liquid asset in the financial portfolio of households.

SBI Life Insurance is uniquely placed as a pioneer to usher bank assurance into India. The company hopes to extensively utilize the SBI Group as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans, personal loans and credit cards. SBIs access to over 100 million accounts provides a vibrant base to build insurance selling across every region and economic strata in the country.

SBI Life has a unique multi-distribution model encompassing Bancassurance, Agency and Group Corporate. SBI Life extensively leverages the SBI Group as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. SBIs access to over 100 million accounts 18 | P a g e

across the country provides a vibrant base for insurance penetration across every region and economic strata in the country ensuring true financial inclusion. Agency Channel, comprising of the most productive force of more than 20,000 Insurance Advisors, offers door to door insurance solutions to customers.

SBI Life Insurance is a joint venture between the State Bank of India and Cardif SA of France. To start with, the company wanted to have a multi-distribution approach and get sales through the banks, the traditional agency force, and a Bancassurance distribution platform. SBI Life was also planning to equip the bank branches to sell insurance and increase IT usage. Says G Murali, Senior VP & IT Head, SBI Life, Leveraging the strategic role of technology is core to the operations of every life insurer from lead generation to policy servicing to claims handling. The key IT drivers for a life insurance company are new product developments, new distribution channels, new regulatory requirements and typical issues ranging from sales tracking to customer services. Cross-selling is a viable option, but reaching the customer cost-effectively is more important. Companies need to create synergies through shared databases, and selectively mine the customer databases and a very strong 24x7 technology backbone. Life insurance companies also need to manage the cost and complexity of multiple channels while switching the least profitable clients to automatic channels for low-value-added transactions. SBI Life approaches corporate and self-help groups to address the insurance cover needs of these specific groups through its highly customer-focused group insurance initiatives. The requirement is 19 | P a g e

to infuse insight into the sales and service divisions, and transform data into leads. Moreover, consumers are developing and becoming more demanding, and SBI Life intends to be available wherever and whenever the customer needs it. SBI Life wanted a single IT architecture enabling multiple portals enterprise-wide. The objective was to allow for single sign-on for all applications and secure authorization based on a unified user profile. SBI Life required personalized experience for leveraging the rules engine and entitlements, and secure access to content, applications and Web services.

SBI LOCATION OF OFFICES:

SBI has a huge network of offices for providing service related to Insurance all over the country.

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OBJECTIVES OF THE STUDY

This Market Survey report is based on the following objectives.

o To study the comparison of Ulip of SBI Life and ICICI Prudential. o To find out satisfaction level of SBI Life and ICICI Prudential o To find out the satisfaction level of the consumers o To find out the factor the consumer considers while planning to purchase a Ulip plans.

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SCOPE AND IMPORTANCE

The scope of project is very wide. This project tells that customers satisfied with the service, returns, charges of Ulip plans or not, which they avail, or not. This project will help those customers who are planning to buy Ulip plan. With the help of this report they can easily compare SBI Life Insurance and ICICI Prudential Life and select a suitable life insurance plan according to their need and requirement.

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ICICI PRULIFE

ICICI Prudential Life Insurance Company Limited (the Company) a joint venture between ICICI Bank Limited and Prudential plc of UK was incorporated on July 20, 2000 as a company under the Companies Act, 1956 (the Act). The Company is licensed by the Insurance Regulatory and Development Authority (IRDA) for carrying life insurance business in India. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and prudential plc, a leading

international financial services group headquartered in the United Kingdom (UK). The company brings together the local market expertise and financial strength of ICICI Bank and Prudentials International life insurance experience. The company was granted a certificate of Registration by the IRDA on November 24, 2000 and eighteen days later, issued its first policy on December 12. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). From its early days, ICICI Prudential seemed to have the wherewithal for a large-scale business. By March 31, 2002, a little over a year since its launch, the company had issued 100,000 policies translating into premium income of approximately Rs. 1,200 million on a sum assured of over Rs.23 billion. When 23 | P a g e

the company began its operations, the need was to build a brand that was relatable to, symbolized trust and was easily recognized and understood. It launched a corporate campaign ICICI Prudential also made using the theme of Sindoor to epitomize protection, trust, togetherness and all that is Indian; endearing itself to the masses. The success of the campaign, the calling card of the company saw the brand awareness scores almost at par with its 40 year old competitor. The theme of protection was also extended to subsequent product and category specific campaigns from child plans to retirement solutions which highlight how the company will be with its customers at every step of life. From day one, the company has unflinchingly focused on being mass-market player, developing products, creating a distribution network and deploying resources that would further its goal. Apart from ramping up thoroughly training its advisors, the company has twelve Bancasurance partners the largest in the country. It swiftly revised and added to its initial range of products, pioneering market-linked products and pension plans, to offer customers the most flexible life insurance policies in the country. In February 2004, ICICI Prudential increased its capital base by Rs. 500 million, its ninth capital hike, bringing the total paid up equity capital to Rs. 6,750 million. With the authorized capital of the company standing at Rs. 12 billion, ICICI Prudential continues to have the highest capital base amongst all life insurers in the country. The challenge ICICI Prudential now faces is to retain its top-notch 24 | P a g e

position and continue to deliver the finest life insurance and pension solutions to its ever-growing customer base. ICICI Prudentials equity base stands at Rs. 1185 crore with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the year ended March 31, 2006, the company garnered Rs.2, 412 crore of weighted new business premium and wrote 837,963 policies. The sum assured in force stands at Rs.45, 888 crore. The company has a network of over 72,000 advisors; as well as 9 bancasurance partners and over 200 corporate agent and broker tieups. ICICI Prudential is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the highest credit rating, and is a clear assurance of ICICI Prudentials ability to meet its obligations to customers at the time of maturity or claims. For the past five years, ICICI Prudential has retained its position as the No.1 private insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life.

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PRODUCT/SERVICES PROFILE
ICICI Prudentials ultimate promise is financial security. A strong brand certainly boosts sale, but without customer-friendly, innovative products, even the best brand would not last long. ICICI Prudentials product range has been developed on the understanding that different people have their own sets of needs at various stages of their lives. It has thus built a flexible portfolio of products that can be customized to cater to varying needs of people at each stage, and thus ensure protection in every step of life. The companys philosophy has been to help customers understand their financial needs and work closely with them to customize a product that would meet. Advisors can offer a complete range of products Savings plans, Child plans, Market-linked plans, Protection plans, and Retirement plans and tailor a flexible solution to meet customers changing needs at every stage of life. In fact, ICICI Prudential was the first to un-bundle product benefits, pioneering the concept of riders and soon after introduce comprehensive market-linked and retirement plans. ICICI Prudential has launched a handful of products that are analyzed below: ICICI Prudential's life insurance products may be loosely categorized under three forms: pure life insurance products without an investment angle to them; a product that is a mix of a cumulative investment scheme and an insurance product; and, finally, standard products such as money-back and endowment policies.

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Single Premium Bond: The Single Premium Bond is the name of a policy that combines the features of an investment in a cumulative deposit scheme with that of an insurance product. Policy-holders are required to pay a one-time premium based on a target sum assured. At maturity, the policy-holder gets the sum assured and guaranteed additions that work out to a compound return of 4.5 per cent the sum assured. The insurance part of the package comes in the form of death benefits that are paid in the case of the demise of the policy-holder. The size of the death benefit is linked to the number of years left for the policy to expire. On maturity date, the maturity value is also paid in addition to the death benefits that would have been paid earlier. Life Guard policies: The company offers two pure life insurance products that have an umbrella name, Life Guard. One of them involves a one-time premium for which there are no maturity benefits. The other requires regular premium payments that are returned at the end of the policy. Life Guard offers absolutely no investment-related return and is suitable for individuals looking for an unadulterated insurance package. Insurance Solutions for Individuals ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its products can be enhanced with up to 5 riders, to create a customized solution for each policyholder. Savings Solutions Secure Plus is a transparent and feature-packed savings plan that offers 3 levels of protection.

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Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity options.

Save n Protect is a traditional endowment savings plan that offers life protection along with adequate returns

CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a childs marriage, expenses for a childs higher education or purchase of an asset.

LifeTime and LifeTime II offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. Each offer 4 fund options Preserver, Protector, Balancer and Maximiser.

LifeLink Super is a single premium Unit Linked Insurance Plan which combines life insurance cover with the opportunity to stay invested in the stock market.

Premier Life is a limited premium paying plan that offers customers life insurance cover till age of 75.

InvestShield Life is a Unit Linked plan that provides capital guarantee on the invested premiums and declared bonus interest.

InvestShield Cash is a Unit Linked plan that provides capital guarantee on the invested premiums and declares bonus interest along with flexible liquidity options.

InvestShield Gold is a Unit Linked plan that provides capital guarantee on the invested premiums and declares bonus interest along with limited premium payment terms.

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Protection Solutions LifeGuard is a protection plan, which offers life cover at very low cost. It is available in 3 options level term assurance with return of premium and single premium. HomeAssure is a mortgage reducing term assurance plan designed specifically to help customers cover their home loans in a simple and cost-effective manner. Child Plans SmartKid education plans provide guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. The policy is designed to provide money at important milestones in the childs life. SmartKid plans are also available in unitlinked form both single premium and regular premium.

Retirement Solutions ForeverLife is a retirement product targeted at individuals in their thirties. SecurePlus Pension is a flexible pension plan that allows one to select between 3 levels of cover. Market-linked retirement products LifeTime Pension II is a regular premium market-linked pension plan. LifeLink Pension II is single premium market linked pension plan. InvestShield Pension is a regular premium pension plan with a capital guarantee on the investible premium and declared bonuses Golden Years: is a limited premium paying retirement solution that offers tax benefits up to Rs 100,000 u/s 80C, with flexibility in both the accumulation and payout stages.

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Health Solutions Health Assure and Health Assure Plus: Health Assure is a regular premium plan which provides long term cover against 6 critical illnesses by providing policy holder with financial assistance, irrespective of the actual medical expenses. Health Assure Plus offers the added advantage of an equivalent life insurance cover Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as well as at different stages in the treatment of various cancer conditions. Group Insurance Solutions ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. ICICI Pru Group Gratuity Plan: ICICI Prus group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations.

ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined contribution superannuation scheme to provide a retirement kitty for each member of the group. Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. ICICI Pru Group Term Plan: ICICI Prus flexible group term solution helps provide affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death.

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Flexible Rider Options ICICI Pru Life offers flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer. 1. Accident and disability benefit: If death occurs as the result of an accident during the term of the policy, the beneficiary receives an additional amount equal to the rider sum assured under the policy. If the death occurs while traveling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit. 2. Accident Benefit: This rider option pays the sum assured under the rider on death due to accident. 3. Critical Illness Benefit: Protects the insured against financial loss in the event of 9 specified critical illnesses. Benefits are payable to the insured for medical expenses prior to death 4. Income Benefit: This rider pays the 10% of the sum assured to the nominee every year, till maturity, in the event of the death of the life assured. It is available in SmartKid, SecurePlus, and CashPlus. 5. Waiver of Premium: In case of total and permanent disability due to an accident, the premiums are waived till maturity. This rider is available with SecurePlus and CashPlus.

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Some of the advertisement of ICICI Prudential Life Insurance

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RESEARCH METHODOLOGY

Descriptive research design: Descriptive research is also called Statistical Research. The main goal of this type of research is to describe the data and characteristics about what is being studied. The idea behind this type of research is to study frequencies, averages, and other statistical calculations. Although this research is highly accurate, it does not gather the causes behind a situation. Descriptive research is mainly done when a researcher wants to gain a better understanding of a topic, that is, analysis of the past as opposed to the future. Descriptive research is the exploration of the existing certain phenomena. The details of the facts wont be known. The existing phenomenas facts are not known to the persons. 1. Sampling design: I. Sample Unit: Sample unit of this Market Survey report is customers of insurance II. Sample size: The sample size of the report is 50 in numbers. Data collection method: Primary data: The primary data are those which are collected afresh and for the first time, and thus happened to be original in character. There are several methods of collecting primary data particularly in surveys. Questionnaire method is used for collecting the data while conducting the research. Secondary data: The secondary data are those which have already been collected by someone and which have already been passed through the statistical process. Secondary data may either be published data or un- published data. 35 | P a g e

For the study: Internet is used for collecting the data while conducting the research. Data sources Data approaches Sample size : : : Primary and Secondary. Questionnaire. 50 Convenience sampling. Descriptive.

Sample procedure : Research Design :

Research design: Research design is simply the framework or plan for a study, used guide in collecting and analyzing data. For the study: for conducting that research I selected the Descriptive research design.

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RESULT AND DETAILED ANALYSIS

Q.1 Do you have any Insurance Plan? a) Yes 50 b) No 0

0%

Yes No

100%

INTERPRATATION This chart shown that out of 50 respondents, all respondents have insurance plan.

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Q.2

Which type of Insurance plan do you have? a) Ulip 20 b) Traditional 15 c) Pension 12 d) Other 3

6% 24% 40%
Ulip Traditional Pension Other

30%

INTERPRATATION This chart shown that out of 50 respondents, 40% respondents said Ulip, 30% respondents said Traditional Insurance plan, 24% respondents said Pension insurance plan and 6% respondents said other insurance plan.

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Q.3

How do you buy insurance plan? a) From Agent b) From company Office c) Online d) Other

40 5 2 3

10%

4%

6%

From Agent From company Office

80%

Online Other

INTERPRATATION This chart shown that out of 50 respondents, 80% respondents said them buy insurance plan from agent, 10% respondents said buy insurance plan from company office, 4% respondents said buy insurance plan from online and 6% respondents said buy insurance plan from other.

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Q.4

Which companys Ulip plan give good return? a) SBI Life Insurance b) ICICI Prudential Life Insurance

31 19

38% 62%

SBI Life Insurance ICICI Prudential Life Insurance

INTERPRATATION This chart shown that out of 50 respondents, 62% respondents said SBI life insurance company plan and 38% respondents said ICICI Prudential life Insurance company plan.

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Q.5

Which companys Ulip plan charge less processing charges? a) SBI Life Insurance 32 b) ICICI Prudential Life Insurance 18

36% 64%

SBI Life Insurance ICICI Prudential Life Insurance

INTERPRATATION This chart shown that out of 50 respondents, 64% respondents said SBI life Insurance plan and 36% respondents said ICICI Prudential life Insurance company plan.

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Q.6

Which companys Ulip plan provide better risk coverage? a) SBI Life Insurance 28 b) ICICI Prudential Life Insurance 22

44% 56%

SBI Life Insurance ICICI Prudential Life Insurance

INTERPRATATION This chart shown that out of 50 respondents, 56% respondents said SBI life Insurance company plan and 44% respondents said ICICI Prudential life Insurance company plan.

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Q.7 Which factor do you consider while purchasing insurance plan? a) Return 20 b) Risk factor 15 c) Life covers 10 d) Other 5

10% 20% 40%

Return Risk factor Life covers Other

30%

INTERPRATATION This chart shown that out of 50 respondents, 40% respondents said return, 30% respondents said risk factor, 20% respondents said life covers and 10% respondents said other factor.

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Q.8

Which companys policy you would advice others to buy? a) SBI Life Insurance 38 b) ICICI Prudential Life Insurance 12

37% 63%

SBI Life Insurance ICICI Prudential Life Insurance

INTERPRATATION This chart shown that out of 50 respondents, 63% respondents said SBI life Insurance company and 37% respondents said ICICI Prudential life Insurance company.

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Q.9

In which company getting insurance claim is easy? a) SBI Life Insurance b) ICICI Prudential Life Insurance

30 20

40% 60%

SBI Life Insurance ICICI Prudential Life Insurance

INTERPRATATION This chart shown that out of 50 respondents, 60% respondents said SBI life Insurance company and 40% respondents said ICICI Prudential life Insurance company.

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Q.10

On which company do you trust more? a) SBI Life Insurance b) ICICI Prudential Life Insurance

33 17

34% 66%

SBI Life Insurance ICICI Prudential Life Insurance

INTERPRATATION This chart shown that out of 50 respondents, 66% respondents said SBI life Insurance and 34% respondents said ICICI Prudential life insurance trust more.

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Q.11

Which company provides you good customer support if you have any query? a) SBI Life Insurance 31 b) ICICI Prudential Life Insurance 19

38% 62%

SBI Life Insurance ICICI Prudential Life Insurance

INTERPRATATION This chart shown that out of 50 respondents, 62% respondents said SBI life insurance and 38% respondents said ICICI Prudential life Insurance good customer support any query.

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Q.12

Which company advisor gives right direction for the policy according to your need? a) SBI Life Insurance 29 b) ICICI Prudential Life Insurance 21

42% 58%

SBI Life Insurance ICICI Prudential Life Insurance

INTERPRATATION This chart shown that out of 50 respondents, 58% respondents said SBI life Insurance and 42% respondents ICICI Prudential life Insurance.

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Q. 13. Which Insurance company providing appropriate awareness through advertisement about the launch of new product? a) SBI Life Insurance b) ICICI Prudential Life Insurance 28 22

44% 56%

SBI Life Insurance ICICI Prudential Life Insurance

INTERPRATATION This chart shown that out of 50 respondents, 56% respondents said SBI life Insurance and 44% respondents said ICICI Prudential life Insurance.

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Q.14. Which Insurance Company uses the e-commerce for promotion of its product like advertisements or video on websites or social networking sites? a) SBI Life Insurance b) ICICI Prudential Life Insurance 22 28

44% 56%

SBI Life Insurance ICICI Prudential Life Insurance

INTERPRATATION This chart shown that out of 50 respondents, 44% respondents said SBI life Insurance and 56% respondents said ICICI Prudential life Insurance.

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Q.15. Which Insurance company using direct marketing for promotion of its products? a) SBI Life Insurance 21 b) ICICI Prudential Life Insurance 29

42% 58%

SBI Life Insurance ICICI Prudential Life Insurance

INTERPRATATION This chart shown that out of 50 respondents,42% respondents said SBI life Insurance and 58% respondents said ICICI Prudential Life Insurance.

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CONCLUSION

Future is always uncertain and full of risk. It is not certain that what is going to happen tomorrow. Therefore a man is always worried about security of property and life. Insurance is a means of meeting out loss caused by future risks and uncertainties. This project report is based on the surveybased analysis of Ulip policies of SBI Life vs. ICICI Prudential Life Life insurance is the necessary and considerable factor for any person for covering the risk of life and for future security. The conclusion of this project report is that the policies of SBI Life are better than ICICI Prudential Life Insurance. SBI Life Ulip plans have less expenses and charges in comparison of ICICI Prudential Life Insurance. Customers trust SBI Life more than ICICI Prudential Life because it is a Govt. undertaken Life Insurance Company

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LIMITATIONS
Although the study was carried out with extreme enthusiasm and careful planning there are several limitations, which handicapped the research viz,

1.

Time Constraints: The time stipulated for the project to be completed is less and thus there are chances that some information might have been left out, however due care is taken to include all the relevant information needed.

2.

Sample size: Due to time constraints the sample size was relatively small and if I could have involved more respondents then the more information could be fetched for the project.

3.

Accuracy: It is difficult to know if all the respondents has given accurate information; some respondents tend to give misleading information.

4.

Availability: It was difficult to find respondents easily as they were busy in their scheduled work, and collection of data was very difficult

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SUGGESTIONS
1. ICICI prudential Life should not mislead to customer to provide wrong information about own policy. 2. Rural area in India lacks this facility so the ICICI prudential Life should spread their business in rural area also. 3. ICICI prudential Life should make personal contact with customer or own client for improve brand promotion. 4. Most of person does not know about the full knowledge about insurance policy so the companies should try to provide the complete knowledge about insurance policy to the customer. 5. Some more facilities should be provided by the company to attract more customers like discount and gifts.

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BIBLIOGRAPHY
Books: Kothari C.R., Research Methodology- Methods and techniques, new age international publishers, 2007, 2nd edition, pp. 26, 95, 111. Malhotra, Naresh K., Marketing Research, An Applied Orientation, Fourth Edition, Pearson Prentice Hall, 2005, Part II, pp. 71-340. Managing Customer Relationships (2004) by Peppers and Rogers summarizes their thinking and learning on the subject of CRM. Services Marketing: People, Technology, Strategy (5thEd). (2004) by Lovelock and Wirtz Services Marketing: Integrating Customer Focus Across the Firm (4th Ed.) (2006) by Zeithaml, Bitner and Gremler Services Marketing: Managing the Moments of Truth in Service Competition (1999) by Gronroos Kotler Philip Marketing Management Schiff man, Consumer Behavior, Tata MacGraw Hill. 2000 Cooper Donald R. & Schindler Pamela S.,1999 Research Methodology, Tata MacGraw Hill. Newspapers Times Of India Economic Times Business Standard Financial Express The Economic Times The Hindu Business Line Mint Financial Chronicle Business Bhaskar Business Standard Websites www.iciciprulife.com/ www.sbilife.co.in/

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QUESTIONNAIRE
Dear respondent, I am the student of IFTM University conducting a Market survey report on Availability and customer preferences towards various Ulip plans : SBI Vs. ICICI Prudential. Kindly spare few minutes to fill up this questionnaire. Any information provided by you will be used for academic purpose only.

RESPONDENT PROFILE
Q.1 Name of the respondent :................................................................................................ Residential/ office address :............................................................................................ ........................................................................................................................................ ........................................................................................................................................ Contact no. :.................................................................................................................. Age group of the respondent : 18-25 ( ) 25-35 ( ) 35-45 ( ) 45 or More( ) Education/ qualification: ............................................................................................. Occupation :................................................................................................................. Designation :................................................................................................................ Do you have any Insurance Plan? a) Yes b) No Which type of Insurance plan do you have? a) Ulip b) Traditional c) Pension d) Other How do you buy insurance plan? a) From Agent b) From company Office c) Online d) Other Which companys Ulip plan give good return? a) SBI Life Insurance b) ICICI Prudential Life Insurance Which companys Ulip plan charge less processing charges? a) SBI Life Insurance b) ICICI Prudential Life Insurance Which companys Ulip plan provide better risk coverage? a) SBI Life Insurance b) ICICI Prudential Life Insurance 56 | P a g e

Q.2

Q.3

Q.4

Q.5

Q.6

Q.7 Which factor do you consider while purchasing insurance plan? a) Return b) Risk factor c) Life covers d) Other Q.8 Which companys policy you would advice others to buy? a) SBI Life Insurance b) ICICI Prudential Life Insurance In which company getting insurance claim is easy? a) SBI Life Insurance b) ICICI Prudential Life Insurance On which company do you trust more? a) SBI Life Insurance b) ICICI Prudential Life Insurance Which company provides you good customer support if you have any query? a) SBI Life Insurance b) ICICI Prudential Life Insurance Which company advisor gives right direction for the policy according to your need? a) SBI Life Insurance b) ICICI Prudential Life Insurance

Q.9

Q.10

Q.11

Q.12

Q. 13. Which Insurance company providing appropriate awareness through advertisement about the launch of new product? a) SBI Life Insurance b) ICICI Prudential Life Insurance Q.14. Which Insurance Company uses the e-commerce for promotion of its product like advertisements or video on websites or social networking sites? a) SBI Life Insurance b) ICICI Prudential Life Insurance Q.15. Which Insurance company using direct marketing for promotion of its products? a) SBI Life Insurance b) ICICI Prudential Life Insurance

Signature of the respondent Thank You for your valuable time

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